• Hannah Phillips

First Home Owners To Access Super For Home Deposit

Assistant Minister to the Treasurer Michael Sukkar announced that from 1 July 2018 first home buyers are now able to make withdrawals under the First Home Superannuation Saver Scheme (FHSSS) to help them buy their first home.

The FHSSS was announced in the 2017‑18 Budget and individuals have been able to make deposits in their superannuation accounts under the scheme since 1 July 2017.

For most people, the FHSSS could boost the savings they can put towards a house deposit by at least 30 per cent compared with saving through a standard deposit account.

The FHSSS helps Australians boost their savings for a first home by allowing them to build a deposit inside superannuation.

Under the FHSSS, individuals can make voluntary contributions of up to $15,000 per year and $30,000 in total, within contribution caps, to superannuation to go towards purchasing their first home.

These contributions along with deemed earnings can be withdrawn for a house deposit.

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